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As confirmed by Shafaq News, Iraqi oil officials are threatening to withdraw from OPEC.

The Iraqi Oil Ministry hinted on Thursday at the possibility of withdrawing from OPEC if the production level allocated to Iraq is not increased in line with its production capabilities and future needs.

Oil Ministry spokesman Salim al-Rikabi said in a comment seen by Shafaq News Agency, “The ministry currently has no intention of withdrawing from OPEC, and we remain committed to working within the organization’s mechanisms.”

He added that the ministry is proceeding with increasing its oil production to match Iraq’s capabilities and needs, noting that the organization is required to increase the level of production allocated to Iraq.

Al-Rikabi explained that failure to respond to this matter would lead to a decision regarding remaining in the organization or leaving it.

Government sources revealed to Shafaq News Agency on Wednesday that Iraq is considering options to increase its oil exports beyond the production ceilings set by OPEC, in order to compensate for the decline in exports during the past period.

The sources indicated that Baghdad may consider withdrawing from the organization if its demands to raise its production quota are not met, which would allow it more room to increase production and marketing, in light of changes in global oil markets and Iraqi trends to enhance export capacity during the next stage.

Shafaq.com

Iraqi Oil: OPEC responded to the review of production ceilings

The Iraqi Oil Ministry confirmed on Thursday that what was raised regarding Iraq’s threat to end its membership in the “OPEC” organization does not reflect the official position of the Iraqi government, noting that the organization and its allied countries responded to Baghdad’s approach regarding reassessing production ceilings in line with the sustainable production capacities of member states.

The ministry said in a statement, received by Shafaq News Agency, that the Prime Minister and the Iraqi government did not raise the issue of withdrawing from OPEC, but rather stressed the importance of continuously reassessing production ceilings in accordance with the sustainable production capacities of member states, and in line with agreements and understandings related to the security and economic situation of Iraq.

She added that OPEC and allied countries responded to this trend by launching a process to reassess the maximum sustainable production capacity of member countries, which is currently being implemented in coordination with an independent international consulting firm and with the active participation of Iraq, according to the approved timetable.

The ministry explained that OPEC+ countries have already begun gradually restoring the reduced quantities, and the return of all voluntary reductions is scheduled to be completed during the next few months, which will contribute to strengthening Iraq’s production ceiling.

She stressed that demands related to production ceilings or production capacity levels are addressed through the technical and consensus mechanisms adopted within the framework of OPEC and its allied countries.

The ministry noted that there is a high level of understanding among member states regarding the unique situation in Iraq and what the oil industry has been exposed to during more than four decades of wars, embargoes and challenges, as well as the damage inflicted on the oil infrastructure as a result of terrorist attacks, stressing that this is taken into consideration in a way that ensures that Iraqi oil production reaches a fair level that enables it to regain its position as the second largest producer in the organization and achieve the goals of oil sector development projects.

Oil Ministry spokesman Salim al-Rikabi had hinted, in a comment seen by Shafaq News, at the possibility of withdrawing from OPEC if the production level allocated to Iraq is not increased in line with its production capabilities and future needs.

Government sources told Shafaq News on Wednesday that Iraq is considering options to increase its oil exports and review the production ceilings adopted within OPEC, as part of its efforts to enhance its production and export capacity in the coming period.

Shafaq.com

The coordination framework reveals the truth about the move towards creating two new ministries within Al-Zidi’s government.

The coordination framework revealed today, Thursday, the truth about the trend towards creating two new ministries within the ministerial cabinet of Al-Zidi’s government in the next few days.

MP Mukhtar al-Moussawi told Shafaq News Agency that “the news circulating about the decision to create two new ministries within the cabinet of Prime Minister Ali al-Zidi, namely the Ministry of Tourism and the Ministry of Governance, is still within the framework of ongoing discussions and studies, and there is no final decision on this matter, either from the Coordination Framework or from the Prime Minister himself.”

He explained that “the issue of creating new ministries or positions in Iraqi state institutions is currently under in-depth discussion between political forces and relevant government agencies, and no final formula or binding decision has yet been reached regarding the establishment of a Ministry of Tourism or a Ministry of Governance.”

He added that “any step related to the creation of a new ministry must be based on clear professional and practical foundations, and must stem from an actual need of the state and the requirements for developing government performance, and not according to considerations of political appeasement or personal and partisan interests.”

Al-Moussawi stressed that “the goal of any amendment to the government structure should be to raise the efficiency of institutions and improve the services provided to citizens.”

He added that “dialogues are still ongoing between the various political blocs on one hand, and the Prime Minister and his competent government team on the other, in order to study the administrative, financial and legal feasibility of any possible new development, and the matter has not yet been decided.”

He predicted that “the picture will become clearer by the middle of next week after the completion of the rounds of discussion and consultation.”

The representative of the Coordination Framework concluded by saying that “the framework is dealing with this file from the standpoint of the public interest and the requirements of administrative reform, and that any final decision will be officially announced after the deliberations are completed and a common vision is reached that ensures the service of state institutions and enhances the effectiveness of government work.”

It is worth noting that Al-Zaidi’s government spent more than a month of its life with an incomplete cabinet, as the Iraqi parliament had voted, on May 14, to grant confidence to Ali Al-Zaidi’s government and its ministerial program with 14 ministers, while the vote on the remaining 9 ministries was postponed until after the Eid al-Adha holiday due to the continuation of political disputes over the distribution of portfolios, amid reports of international warnings against the inclusion of armed factions in the new ministerial formation.

The Eid al-Adha holiday has passed and the cabinet has not been completed, despite the assurances of many blocs and MPs on the need to complete the cabinet formation in order for the government to function.

The Coordination Framework had authorized Prime Minister Ali al-Zubaidi to make contacts with the heads of the political blocs and entities participating in the government, whose candidates for the vacant ministries have not yet been decided, as confirmed by MP Amer al-Fayez, a leader in the Coordination Framework, to Shafaq News Agency on June 13.

Al-Fayez said at the time that “Al-Zidi is trying to reach an agreement with the blocs first on choosing the appropriate minister nominated by the bloc, and after being convinced of the candidates, he will present their names to the coordination framework to obtain approval for them.”

He stressed that the House of Representatives is currently on legislative leave and needs an extraordinary session called for by Speaker Hebat al-Halbousi in order to complete the vote on the cabinet. If this does not happen, the session will be held after the end of the legislative leave in early July.

Shafaq.com

Parliamentary Finance Committee: There is no longer enough time to finalize this year’s budget, and the government is moving towards preparing the 2027 budget.

On Thursday, Hussein al-Daraji, a member of the parliamentary finance committee, ruled out the possibility of the Iraqi government being able to finalize the budget for the current year due to the delay in its formation, noting that the current trend is towards preparing next year’s budget.

Al-Daraji told Shafaq News Agency that the remaining time in the second half of this year is insufficient for the government to prepare the 2026 budget for approval by the House of Representatives, indicating that the government will work on preparing a draft budget law for 2027, expecting the draft to reach Parliament in October or November of next year.

He added that there is a government trend to make fundamental changes to the 2027 budget law, which will be completely different from previous budgets in terms of the methods of preparation, schedules, and determination of necessary expenditures.

The decision to move directly towards the 2027 budget comes in light of the accounting absurdity in approving the 2026 budget, the second half of which is about to end, as the state currently relies on the temporary disbursement mechanism at a rate of (1/12) based on the continuing financial management law from the previous three-year budget to finance employee salaries and governing operational expenses.

According to the Finance Committee, the joint approach between Parliament and the government of Prime Minister Ali al-Zidi has settled on focusing technical efforts to draft the 2027 budget with a completely new economic philosophy and expenditure schedules, with the draft to be sent to the House of Representatives at the end of this year to avoid a deficit and ensure its passage before the start of the new fiscal year.

It is worth noting that the government of former Prime Minister Mohammed Shia Al-Sudani had prepared the outlines of the 2026 draft budget before leaving office, including extensive financial commitments, among them the issue of regularizing contracts and staffing levels. However, the draft was delayed due to the country entering the election and caretaker phase.

This financial vacuum was exacerbated after the current Prime Minister, Ali Faleh al-Zaidi, gained confidence on May 14 with a deficient cabinet (14 ministers out of 23), as political disputes and power-sharing caused a delay in completing the vacant portfolios (such as Interior, Defense and Planning) until next July, which paralyzed the executive branch’s ability to present a comprehensive budget law throughout the first half of this year.

Shafaq.com

Rubio: Al-Zaidi sent good signals to Washington, and the issue of Iraqi sovereignty will top the agenda of his upcoming visit.

US Secretary of State Marco Rubio revealed on Thursday that Washington had received “good signals” from the Iraqi government headed by Ali Faleh al-Zaidi regarding the issue of armed factions, stressing that strengthening Iraq’s sovereignty would be the main focus of al-Zaidi’s upcoming visit to the US capital soon.

In response to a question from a reporter during a press conference held in the Bahraini capital, Manama, Rubio said, “The support that Tehran provides to armed factions represents a blatant example of Iran’s interference in Iraqi affairs through its proxies,” adding, “But we have recently seen good and constructive signals from the current Iraqi government in this regard,” alluding to the process of disarming the factions and limiting security decision-making authority to the state.

The US Secretary of State added that al-Zaidi will visit Washington soon, adding: “We hope to continue working together to affirm and strengthen Iraq’s full sovereignty, and this issue will be at the top of the agenda for discussions during the visit, during which he will meet with US President Donald Trump.”

Rubio revealed that direct communication channels had recently taken place between the two sides, saying: “We have engaged in direct contacts with the Iraqi Prime Minister, and we see that there are good and positive steps taken by his government, despite our awareness of the great challenges facing al-Zaidi in this matter, and we will continue to closely monitor developments.”

Shafaq.com

Lowest in 7 months… Gold records unprecedented losses

Gold recorded unprecedented losses on Wednesday afternoon, the lowest since November 2025, as the price of an ounce fell below $4,000, according to Reuters.

These losses come after gold prices fell earlier today to their lowest level in nearly two weeks, affected by the rising dollar and increasing investor bets on a rise in US interest rates.

Gold fell 1.1% in spot trading to $4,064.01 an ounce, after earlier hitting its lowest level since June 11, while US gold futures for August delivery fell 1.7% to $4,080.80 an ounce.

This comes amid rising market expectations of a tightening of US monetary policy, as data from the CME FedWatch tool showed traders expecting three interest rate hikes during 2026, compared to previous expectations of only one.

The strength of the dollar also supported the pressure on the precious metal, as it reached its highest level in more than a year, making gold more expensive for buyers outside the United States.

As for other precious metals, silver fell 1.6% to $61 an ounce, platinum dropped 1.2% to $1,632.04, and palladium declined 1% to $1,225.35 an ounce.

Shafaq.com

Mandatory starting July 10th: Iraqi Customs activates electronic inquiry for commercial documents

The Iraqi General Authority of Customs announced on Wednesday the activation of the electronic inquiry feature for certificates of origin and commercial invoices issued by the Federation of Iraqi Chambers of Commerce, through electronic linkage with the ASYCUDA system, in order to verify the validity of the issuance of these documents and their adoption within the customs procedures.

According to a statement issued by the authority and received by Shafaq News Agency, addressed to traders, importers, customs clearance agents and all stakeholders, the certificate of origin and commercial invoice are inquired about electronically when organizing the customs declaration by entering the document numbers in the designated fields within the system, which ensures the accuracy of the data provided and enhances customs audit and control procedures.

The authority explained that the service is currently being implemented on a trial basis, and that the application will be mandatory starting from July 10, 2026, as certificates of origin or commercial invoices will not be accepted unless they are verifiable electronically through the system.

The General Authority of Customs called on all stakeholders to expedite the completion of the procedures for registering their commercial documents properly with the Federation of Iraqi Chambers of Commerce and to ensure the accuracy of their data before submitting them for customs transactions, in order to ensure the smooth flow of work and to avoid any delays or obstacles after the start of mandatory implementation.

The Director of the Iraqi Customs Authority, Thamer Qasim Dawood, announced on April 8th that the Kurdistan Region team had joined the national team for the project to implement the Customs Automation System (ASYCUDA), in a move he considered to reflect the seriousness of the move towards building a unified customs administration at the level of Iraq.

It is worth noting that the Iraqi General Authority of Customs announced on March 3rd the adoption of temporary “exceptional” measures aimed at accelerating the flow of goods and reducing congestion periods in ports, thereby enhancing the stability of supply chains and supporting national economic activity, in light of the exceptional circumstances the region is generally going through.

Shafaq.com

Economist: The 2026 budget train has left the station… the government is patching up the deficit by borrowing.

Economic expert Basil Al-Obaidi confirmed today, Thursday, that insisting on preparing and approving the general budget at this time is “a form of absurdity” and has no benefit whatsoever, at a time when the country’s financial affairs are being managed by “patchwork” and borrowing from banks.

Al-Ubaidi told Al-Maalomah that “the train has already left the station. Iraq is now staggering at the end of the sixth month, and the bureaucratic processes involved in approving the budget will inevitably hinder and delay it until next September.” He added that “a budget approved for only three months of a fiscal year that is nearing its end is worthless.”

He added, “The preparation of the budget depends primarily on estimating revenues and expenditures, which is difficult to achieve at the present time, given the significant decline in the country’s revenues as a result of the repercussions of the regional crisis and the disruption of export traffic through the Strait of Hormuz.”

Al-Obeidi pointed out that “Iraq needs a period of no less than two months to restore some degree of financial stability, pending an improvement in oil revenues and the return of exports to their normal levels, in the event that the Strait of Hormuz is reopened and all the technical and logistical requirements related to pumping Iraqi crude oil to the ports and export outlets are completed.”

The economist warned that “the anticipated budget will turn into an arena for political bidding, where it will be bombarded with explosive demands that a short-term budget cannot accommodate, starting with a flood of appointments, bonuses and patchwork, and ending with a conflict over projects.”

Al-Ubaidi called on the Cabinet to “preemptively address the crisis and prepare a draft law for an exceptional operational budget for emergencies, to manage the remainder of the year, while postponing the comprehensive budget to 2027,” stressing that the upcoming budget must be “real and completely different from its predecessors, which existed only on paper.”

Almaalomah.me

Urgent: Source for Al-Furat News: Nizar Nasser appointed as Governor of the Central Bank

Source for Al-Furat News – Nizar Nasser appointed as Governor of the Central BankAn informed source revealed today, Thursday, that Nizar Nasser has been assigned the position of Governor of the Central Bank of Iraq.

An informed source told Al-Furat News: “Nizar Nasser has been appointed as the Governor of the Central Bank of Iraq, succeeding Ali Al-Alaq.”

Alforatnews.iq